Cryptocurrency investment products saw inflows of $1.18 billion last week, with the figure mostly being dominated by products focused on Bitcoin, with those offering exposure to Ethereum, XRP, and multiple cryptocurrencies also shining.

According to CoinShares’ Digital Asset Fund Flows report, Bitcoin-focused investment products saw $1.14 billion of inflows over the past week after the U.S. Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds (ETFs) to be listed. The flows, the report adds, did not break the $1.5 billion record seen in October 2021, when futures-based Bitcoin ETFs started trading.

Exchange-traded product trading volumes, on the other hand, did reach a new high of $17.5 billion last week, up from an average of $2 billion per week in 2022. Inflows from the United States were $1.24 billion, while Switzerland saw $21 million of inflows. On the other end, outflows were seen in Europe, with Canada seeing $44 million and Germany $27 million of outflows, respectively.

Bitcoin’s inflows last week represented a significant 3% of total assets under management of BTC-focused investment products, while Ethereum-focused products saw $25.7 million of inflows and multi-asset products saw $5.6 million.

As for other altcoins, XRP investment products saw $2.2 million of inflows, while Cardano investment products saw $1.4 million as investors poured more capital into the cryptocurrency space.

As CryptoGlobe reported, if history repeats itself the spot Bitcoin ETFs could help the price of Bitcoin skyrocket and boost the total market capitalization of the cryptocurrency space in the process.

CCData’s latest Institutional Primer on the impact of a spot Bitcoin ETF compares it to the launch of the first gold ETF in the United States, which occurred back in November 2004 and per the report “provides insights into a potential Bitcoin ETF’s impact.”

The report details that gold’s price steadily rose from around $375 in May to $442 at the time of the ETF launch, reaching a high of $454 over substantial inflows. The precious metal’s price then retraced to $411 by early February 2005, the report adds, suggesting that we may observe a similar pattern for Bitcoin’s price as its price surged with the anticipation and saw a brief breakout, and could now see a healthy correction.

Nevertheless, by August 2011 the price of gold hit a record high as the SPDR Gold Shares (GLD) ETF became the world’s largest ETF, even surpassing the SPDR S&P 500 Trust ETF in value. As BTC competes with gold to become “the alternative asset class as the store of value,” the report concludes that “one can only wonder about the long-term growth potential for the Bitcoin asset class.”

Featured image via Unsplash.